794 Case Ave

Triplex · 3 units: 2 bed / 1 bath ×3 unit split estimated · 2,670 sq ft

Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗

28 photos

Photos courtesy of NRT-Minnesota (CB Burnet), via Realtor.com.

Asking price: $355,000
Monthly cash flow: −$193
Estimated rent: $3,750/mo
Break-even price: $318,739

Adjust the numbers See the full breakdown

From the listing

Great opportunity to own a cash-flowing triplex on Saint Paul's East Side! Unit 1 (main level) features 3 bedrooms, 1 bath, LVP and hardwood flooring, a spacious kitchen with stainless steel appliances, and a bright living room with original built-ins. Unit 2 (2nd floor) has 2 bedrooms, bath, kitchen, and living room with bay window, Unit 3 (lower level) is a 1-bedroom, 1-bath , a separate living area, and a dine-in kitchen. Nicely updated property includes forced-air heat, part of an unfinished basement with shared coin-operated laundry and storage, front porch, large outdoor patio with gardening area, and off-street gravel parking with alley access. Ideal for investor or owner-occupant.

Listing courtesy of NRT-Minnesota (CB Burnet) (Shane Montoya). Description from Realtor.com, MLS #7056541. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a three-unit building on St. Paul's East Side asking $355K. Our numbers show about -$193/month of cash flow at 20% down and a 5.7% cap rate, so it does not work at today's rates and has no cushion for repairs. The description gives no rents, no lease terms and no utility info, so first get the rent roll, the trailing-12 expenses and the heat setup. The rental license shows Pending with grade C and an expiry of July 2025, which is a compliance question to settle before you offer. The seller paid $221K in 2019 and has had 157 days on market, so there is room to push on price. Worth a showing only if the real rents beat our $1,250 per-unit estimate or the price comes down toward roughly $319K, where it breaks even.

Things to consider

Negative cash flow at ask About -$193/month leaves nothing for repairs, vacancy surprises or rate changes. The price needs to come down or rents need to beat our estimate.
Rental license status A pending, grade C license with a lapsed expiry can mean required repairs or fees. It could also block legal rent collection.
Property taxes will rise for an investor The seller's homestead bill understates what you will pay. Our underwriting already uses a higher estimated bill.
Rent growth is capped St. Paul's 3% cap limits increases for sitting tenants, so low current rents may stay low for years.
Unit mix is uneven We estimated every unit at 2 bed/1 bath, but the description says 3, 2 and 1 beds. The 3-bed may rent above our estimate and the 1-bed below it.Listing says: “Unit 1 (main level) features 3 bedrooms, 1 bath”
Systems are unknown The description says nicely updated but gives no ages for roof, furnace or wiring in a 1909 building. Deferred big-ticket items could make the negative cash flow worse.Listing says: “Nicely updated property includes forced-air heat”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $355,000
Cash to close: $81,650
Price per unit: $118,333
GRM: 7.9

Each month

Cash flow: −$193/mo
Cash-on-cash: −2.8%
Cap rate: 5.7%
DSCR: 0.90×

Break-even

Price that breaks even: $318,739
Rent that breaks even: $4,001/mo

Long run

Year 30: property vs stocks: $1.24M vs $662K
Cash flow turns positive: year 6

Monthly

Monthly breakdown

Rent	$3,750
Vacancy (6%)	−$225
Collected	$3,525
Property tax Estimate	−$567
Insurance Estimate	−$309
Water, sewer, trash Estimate	−$255
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$300
Capital reserve (9% of rent)	−$338
Net operating income	$1,696
Mortgage (principal + interest)	−$1,889
Cash flow	−$193
Principal paid down (equity, not cash)	$240

Cash flow each year

Rents +3%/yr (St. Paul's cap for sitting tenants), costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,237,498

Your equity when you sell: $809,977
Rental profits, invested at 7%: $427,521

Same money in stocks$661,659

Cash to close, invested at 7%: $621,541
Monthly shortfalls, invested: $40,118

The building comes out $575,839 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.24M, stocks $662K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,250/mo · range $1,125–$1,475 · 25 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
734 Sims Ave, Saint Paul	$1,695	2 / 1	1,834	0.1 mi	2026-07-31	Duplex triplex
914 Lawson Ave E, Saint Paul	$1,490	2 / 1	1,055	0.3 mi	2026-08-31	Apartment
904-906 Burr St, Saint Paul	$999	2 / 1	900	0.6 mi	2025-01-11	Apartment
953 Desoto St, Saint Paul	$950	2 / 1	650	0.7 mi	2026-02-12	Apartment
665 Bedford St Unit 2, Saint Paul	$1,400	2 / 1	800	0.8 mi	2023-12-20	Duplex triplex
1039-1041 Arkwright St, Saint Paul	$1,445	2 / 1	1,100	0.8 mi	2026-09-19	Apartment
685 Burr St, Saint Paul	$1,450	2 / 1	750	0.8 mi	2026-04-08	Apartment
468 Beaumont St E Unit 4, Saint Paul	$1,350	2 / 1	800	0.9 mi	2026-07-10	Apartment
1360 Payne Ave, Saint Paul	$1,199	2 / 1	695	0.9 mi	2026-02-13	Apartment
701 E 3rd St, Saint Paul	$1,099	2 / 1	880	1.0 mi	2024-04-15	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highRental license is Pending at grade C and the listed expiry date has passed. Confirm the building is licensed for three units. Based on: data: city.rental_license · AI review
mediumThe seller is homesteaded, so the current tax bill is lower than what an investor will pay. We use an estimated non-homestead tax instead. Public record: Ramsey County parcel 292922410007: homestead=Y
mediumThe lower-level unit must be a legal unit with proper egress and ceiling height. Verify with the city. Listing says: Unit 3 (lower level) is a 1-bedroom, 1-bath · AI review
mediumCash flow is almost zero at the asking price, and the break-even price is only slightly above ask. Based on: data: underwriting.cash_flow_monthly · AI review
mediumNo rents, lease status or occupancy are given for a listing pitched as cash-flowing. Listing says: Great opportunity to own a cash-flowing triplex on Saint Paul's East Side! · AI review
low$649 in special assessments on the payable 2026 tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Ramsey County parcel 292922410007: special assessments (payable 2026) = $648.76

Opportunities

Long time on market: room to negotiate. Based on: Listing data: 160 days on market
157 days on market and a 2019 purchase at $221K give room to negotiate. Based on: data: listing.days_on_market · AI review
Units 2 and 3 appear freshly redone with new flooring, paint and cabinets, so less near-term rehab. Verify the work quality. Based on: photo 7 · AI review
Coin-operated laundry on site could add a little income. Listing says: shared coin-operated laundry and storage · AI review

Questions for the agent

What are the current rents, lease end dates and security deposits for each unit?
Which utilities do tenants pay? Is there one furnace or separate systems?
What's the status of the rental license, and why is it Pending at grade C?
Is the lower unit legally licensed, with egress windows?
What are the special assessments for, and will the seller pay them at closing?
How old are the roof, furnace, water heaters and electrical panels?

Bottom line

Weak at the asking price: negative cash flow, unknown rents and a licensing question, so only worth pursuing at a lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. Seller is homesteaded; an investor pays the non-homestead rate. $324,600 market value × 2.10% (median for non-homestead duplexes/triplexes in the city).	$6,808
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$3,704
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$255
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. built 1909: +1 pt capital reserve	8% / 9%

Price history Realtor.com

On the market since 2026-04-28 (160 days); down $24,900 (6.6%) from the first ask of $379,900; last sold for $221,000 on 2019-04-24.

Date	Event	Price
2026-09-23	Price changed	$355,000
2026-04-28	Listed	$379,900
2019-04-24	Sold	$221,000
2018-10-15	Removed	$159,900
2018-06-12	Listed	$159,900
2016-03-02	Sold	$130,000
2016-02-01	Listed	$130,000
2011-08-03	Sold	$53,000
2011-06-13	Removed	$69,900
2011-04-13	Listed	$69,900
2010-10-08	Price changed	$69,900
2010-09-01	Listed	$79,900
2007-06-05	Sold public record	$260,000
2004-02-02	Sold public record	$241,900
2003-12-10	Sold public record	$200,000
1997-04-14	Sold public record	$62,000

County record Public record

Recorded as	three family dwelling, platted lot
Living units	3
Year built	1909
Market value (2026)	$324,600
Property tax, payable 2026	$5,541
Special assessments	$649
Homestead	yes
Last sale	2019-04-15 · $221,000

Source: Ramsey County parcel records.

City rental certificate (CofO)

Residential 3+ Units: 3 unit(s), C, status pending, renews 2025-07-21.

Nearest highway

I 35E;US 10, about 1695 m away.

Crime in Payne – Phalen

1,695 incidents in the last 12 months (51 per 1,000 residents), −10% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.